Investment Contest Portfolio Scratchpad

VFS Portfolio Scratchpad

Symbol	Security	Earnings NPV	Price	Price To Book	Estimate Analyst	Last Earnings Update	Last Notes Update	Drop Move to Watch List
{{s.Symbol}}	{{s.SecurityName}} {{s.SecurityName}} *(Inactive)*	{{s.EarningsYield * 100 \| number:2}}%	{{s.Price}}	{{s.PriceToBook \| number:2}}	{{s.EstimateAnalyst}}	{{s.LastEarningsUpdateDate \| date:'MM/dd/yyyy'}}	{{s.LastInvestorIssuesUpdateDate \| date:'MM/dd/yyyy'}}
Net Present Value calculated using 10 year earnings estimates at a discount rate of {{CTLR.PortfolioList.CostOfCapital 100 \| number:2}}%**.

Symbol	Security	Earnings NPV	Price	Price To Book	Estimate Analyst	Last Earnings Update	Last Notes Update	Chg Change
{{s.Symbol}}	{{s.SecurityName}} {{s.SecurityName}} *(Inactive)*	{{s.EarningsYield * 100 \| number:2}}%	{{s.Price}}	{{s.PriceToBook \| number:2}}	{{s.EstimateAnalyst}}	{{s.LastEarningsUpdateDate \| date:'MM/dd/yyyy'}}	{{s.LastInvestorIssuesUpdateDate \| date:'MM/dd/yyyy'}}
Net Present Value calculated using 10 year earnings estimates at a discount rate of {{CTLR.PortfolioList.CostOfCapital 100 \| number:2}}%**.

Earnings detail: {{CTLR.EarningsDetail.SecurityName}} ({{CTLR.EarningsDetail.Symbol}}) ($ in millions)

Analyst: {{CTLR.EarningsDetail.SourcePortfolioName}} Last Reviewed: {{CTLR.EarningsDetail.LastEarningsUpdateDate | date:'MM/dd/yyyy'}}

Actual Financials

Estimated Financials

Earnings Years:

{{CTLR.EarningsDetail.EarningsEstQtrEnd3 | date:'MM/dd/yyyy'}} +

Revenue Growth:

{{CTLR.EarningsDetail.ActAnnRevGrowth3 != null?((CTLR.EarningsDetail.ActAnnRevGrowth3 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnRevGrowth2 != null?((CTLR.EarningsDetail.ActAnnRevGrowth2 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnRevGrowth1 != null?((CTLR.EarningsDetail.ActAnnRevGrowth1 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.Year1EstRevenueGrowth != null?((CTLR.EarningsDetail.Year1EstRevenueGrowth * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.Year2EstRevenueGrowth != null?((CTLR.EarningsDetail.Year2EstRevenueGrowth * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.Year3PlusEstRevenueGrowth != null?((CTLR.EarningsDetail.Year3PlusEstRevenueGrowth * 100) | number:2) + '%': " - "}}

Revenue Growth:

{{CTLR.EarningsDetail.ActAnnRevGrowth3 != null?((CTLR.EarningsDetail.ActAnnRevGrowth3 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnRevGrowth2 != null?((CTLR.EarningsDetail.ActAnnRevGrowth2 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnRevGrowth1 != null?((CTLR.EarningsDetail.ActAnnRevGrowth1 * 100) | number:2) + '%': " - "}}

Consensus Revenue Growth Estimate*:

{{CTLR.EarningsDetail.AEYear1RevenueGrowth != null?((CTLR.EarningsDetail.AEYear1RevenueGrowth * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.AEFutureRevenueGrowth != null?((CTLR.EarningsDetail.AEFutureRevenueGrowth * 100) | number:2) + '%': " - "}}

Gross Margin:

{{CTLR.EarningsDetail.ActAnnAvgMargin3 != null?((CTLR.EarningsDetail.ActAnnAvgMargin3 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnAvgMargin2 != null?((CTLR.EarningsDetail.ActAnnAvgMargin2 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnAvgMargin1 != null?((CTLR.EarningsDetail.ActAnnAvgMargin1 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.Year1EstMargin != null?((CTLR.EarningsDetail.Year1EstMargin * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.Year2EstMargin != null?((CTLR.EarningsDetail.Year2EstMargin * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.Year3PlusEstMargin != null?((CTLR.EarningsDetail.Year3PlusEstMargin * 100) | number:2) + '%': " - "}}

Gross Margin:

{{CTLR.EarningsDetail.ActAnnAvgMargin3 != null?((CTLR.EarningsDetail.ActAnnAvgMargin3 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnAvgMargin2 != null?((CTLR.EarningsDetail.ActAnnAvgMargin2 * 100) | number:2) + '%': " - "}}

{{CTLR.EarningsDetail.ActAnnAvgMargin1 != null?((CTLR.EarningsDetail.ActAnnAvgMargin1 * 100) | number:2) + '%': " - "}}

Consensus Gross Margin Estimate*:

{{CTLR.EarningsDetail.AEYear1Margin * 100 | number:2}}%

{{CTLR.EarningsDetail.AEYear2Margin * 100 | number:2}}%

Revenue:

Earnings:

Earnings Per Share:

Estimates Share Growth:

* Consensus estimates are derived from publically available analyst estimates from professional analysts who follow this security.

Select Analyst:

Earnings Estimate Explanation

NOTE: The VFS Auto Estimate provides a rough estimate of security valuation. An important limitation of the VFS Auto estimate is it projects the 2nd year revenue and earnings growth out 10 years for valuation purposes, which often is an invalid assumption.

Earnings Estimate Explanation:

Important In order to edit estimates you must set your source portfolio to your portfolio (left). In order to edit notes you either have to set your source portfolio to your portfolio or to 'VFS Auto Estimate'.

Edit Estimates

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A Guide to Entering Earnings

When entering earnings, take a look at the past years actuals, and ask yourself why future earnings will be better or worse than the last 3 years. Include a note in the earnings explanation field, so that when you revisit the estimate you can recall what your thinking was at the time.

Notes From {{CTLR.EarningsDetail.SourcePortfolioName}}

Portfolio notes for {{CTLR.PortfolioList.PortfolioName}}

Bull Case (optimistic view):	Bear Case (pessimistic view):
Management Rating: {{CTLR.EarningsDetail.ManagementRating}} / 5
What The Company Does:
Edit Analyst Notes

Bull Case and Bear Case Enter a Bull Case to explain why this should stock should be in this portfolio. This is your best case as to why this stock will outperform the market. A Bear Case is the opposite - it is important to think about 'things that could go wrong' - what could lead this stock to underperform the market. After entering both cases, and the Bear Case appears to be more realistic than the Bull Case, should the stock be in the portfolio? Management Rating It is often said good corporate management is important, but rarely is it explained what good management is. VFS Scratchpad allows entering a management rating between 1 and 5. A rating of 5 is excellent, characteristics such as solid record of execution of the business plan, shareholder friendly, intelligently expanding product lines, plus proven visionary in management. Poor management is rated a 1. Characteristics such as questionable accounting practices, major business plan execution blunders, or doing shareholder unfreindly financing. Other subjective factors regarding management rating to be considered are CEO % ownership of company (higher the better), CEO tenure (longer the better - committed to company), and company culture (see www.glassdoor.com). What the Company Does This section allows for notes describing what the company does. Describe major products or business lines, indiate what percentages or revenue and earnings come from each product line. A brief summary can be easily create after skimming the first few pages of the companies annual report.
Bull Case (optimistic view)	Bear Case (pessimistic view)
Management Rating (1: Poor, 3: Average, 5: Excellent) Management Rating Explanation
What the Company Does:

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A Guide to Entering Notes

Bull Case: Add a note as to why you think this security will out perform the market. Reasoning may include the market undervaluing the future business prospects, or undervaluing the company as a whole.

Useful Links

Company News	Current Analyst Estimates
Annual Income Statements	Annual Balance Sheets

Portfolio Options

Use this tool to see how the valuation of stocks in your watch list compare to the stocks in your portfolio. Select up to 3 stocks for comparison.

When you compare a stock from your watch list, the stock will be highlighted in yellow. To Add the stock to your portofolio, simply click on the icon in the right hand column and the stock will be moved from your watch list into your portfolio. .

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A Guide to using VFS Portfolio Scratchpad

VFS Portfolio Scratchpad is a tool to help you analyze the stocks in your portfolio. This view shows information about relative valuation of stocks in your portfolio. Click on the security name in this list, and you will be taken to a view that shows detailed earnings information about the stock, as well as providing you a place to capture your thoughts as to why a stock should be in your portfolio.

Managing Your Portfolio

A stock can only be added to your portfolio from your Watch List. Click on the Watch List tab for more information about managing changes to your portfolio. To remove a stock from your portfolio, click on the icon, which will move the stock to your watch list.

Security Valuation

This portfolio view shows some basic valuation metrics for your portfolio:

The Earnings NPV (Net Present Value) is the earnings yield for a stock, given an estimate of future earnings estimates for the next 10 years. A higher number is positive - think of this like a yield on a bond. Portfolio Scratchpad allows for using automated earnings estimates using published analyst estimates, or allows for you to enter in your estimates of future earnings. It is usually more accurate to enter your own estimates, using analyst estimates and past history as a guide, because the automated estimates just project the second year of earnings projections out 10 years.

Important! The Earnings Net Present Value estimates are only useful with well reasoned estimates. Click on the security name in the portfolio list to view earnings detail and update security information.

The Price To Book ratio shows the price divided by the book value per share of the company. The lower the number the better the value of the stock for this metric.

These valuation metrics are meant to be just a start for evaluating security valuation. Abnormally low or high indicators typically indicate other factors are involved with why a security is either cheap or expensive. Its up to you to decide if the valuation is justified.

Your Watch List

Your watch list is where you add possible candidates for your main portfolio. In sports terms, think of this as a 'bench player'. When you decide to promote a watch list stock to your main portfolio, click on the icon and the stock will be moved to your portfolio. To remove a stock from your watch list, click on the icon.

Managing A Stock

This view allows for viewing and editing estimated stock financial performance, as well as keeping notes about what you like or don't like about this stock.

Editing Estimates

By default, when a stock is added, the future earnings estimates are calculated based on published estimates. It is recommended you view these estimates, and if they do not appear realistic, set your own estimates by clicking the 'EDIT ESTIMATES' button. Use the past Actual Financials to base your estimates on, and be aware that for valuation estimates for the 3rd year are projected forward through year 10.

Editing Analyst Notes

. Analyst Notes are where you put down your thoughts on the positives and negatives of the stock. This allows you to document your reasoning on why a stock should or should not be included in your portfolio. Click on the 'Edit Analyst Notes' button for more information.

The Grumpy Geezer

Entertainment critic